I have a query can a company set off carry forwarded losses against long term capital gain...???say company had 3 crore losses in Ay 07-08,now company had a LTCG accrued to it can it set off it against tax losses of current fiscal only & not from carry forwarded losses?
1 Replies
CA Ankit Totla
(Practicing Chartered Accountant)
(469 Points)
Replied 28 March 2012
no.. and setting off against LTCG would lead to loss as well for the company...
and as for business losses for business other than speculative business, can be set-off against ANY BUSINESS income of the assessee for 8 yrs..
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